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Indian market indices open weak
Wed, 23 May 09:30 am

All major Asian stock markets have opened the day on a weak note with stock markets in Hong Kong (down 1.7%), Indonesia (down 1.6%) and Taiwan (down 1.6%) leading the losses in the region. The Indian equity market indices have also opened the day on a negative note. Stocks in the consumer durables and FMCG space are witnessing maximum losses. However, information technology stocks are trading in the green.

The BSE-Sensex today is down by around 64 points (0.4%), while the NSE-Nifty is down by around 20 points (0.4%). The mid and small cap stocks are trading mixed. While the BSE Mid cap index is down by 0.1%, the BSE Small cap index has opened flat. The rupee is trading at Rs 55.66 to the US dollar.

Logistics stocks have opened the day on a mixed note with Container Corporation of India Ltd (CCIL), and Transport Corporation of India (TCI) trading in the red. However, Aegis Logistics is trading firm. CCIL has announced its results for the quarter ending March 31, 2012. The company has reported an 8.1% year on year (YoY) decline in the bottomline for the quarter. The total income for the quarter registered a growth of 6.8% YoY. For full year, the bottomline was up marginally by 0.2% YoY and growth in the bottomline stood at 6% YoY. The Board of Directors has recommended a final dividend of Rs. 9 a share of face value of Rs. 10 in addition to the interim dividend of Rs. 7.50 a share already paid.

Engineering stocks have also opened the day on a mixed note with Lakshmi Machine Works and Bharat Heavy Electricals Ltd (BHEL) trading firm. However, Crompton Greaves and Praj India Ltd are facing selling pressure. As per a leading financial daily, BHEL is wary of facing losses as Chinese companies that supply equipment for power projects in India have access to relatively cheaper funds. The Heavy Industries and Public Enterprises Minister has suggested that the cheaper finance would place BHEL at a disadvantage by making Chinese equipment cheaper. It would be cheaper by the differential cost of interest and shift business from domestic manufacturers to the Chinese manufacturers. BHEL is already facing a tough competition from Chinese players as many power project developers are placing orders with Chinese companies. As per a committee's recommendation, the Government is planning to impose higher duty on overseas power equipment to provide a level-playing field for domestic entities.

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